Reuters Asia Business

TAIPEI (Reuters) – Taiwan’s Foxconn, the world’s largest contract electronics maker and major iPhone assembler for Apple Inc, said on Monday that revenue in May fell 9.5% year-on-year due to weakness in smart consumer electronics during the traditional low season. Foxconn, formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$450.7 …

Foxconn’s May sales drop 9.5% y/y on smartphone weakness Read More »

By Mrinmay Dey and Scott Murdoch (Reuters) -UBS Group AG is looking to retain more than 100 Credit Suisse Group AG investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Switzerland’s biggest bank …

UBS to retain more than 100 Credit Suisse bankers in Asia -source Read More »

BEIJING (Reuters) – China’s services activity picked up in May, a private-sector survey showed on Monday, as a rise in new orders shored up a consumption-led economic recovery in the second quarter. The Caixin/S&P Global services purchasing managers’ index (PMI) rose to 57.1 in May from 56.4 in April. The 50-point mark separates expansion from …

China’s services activity picks up in May on improved demand- Caixin PMI Read More »

TOKYO (Reuters) – Japan’s Nikkei share average closed at its highest in 33 years on Monday as gains on Wall Street lifted risk appetite, while investors kept betting on domestic equities on expectations the Bank of Japan would retain its ultra-loose policy. The Nikkei index jumped 2.2% to end at 32,217.43, its highest close since …

Japan’s Nikkei closes at 33-year high; firm Wall Street lifts appetite Read More »

By Joe Cash BEIJING (Reuters) – China’s imports are expected to have contracted in May, despite a low base last year as a lockdown in Shanghai brought the country’s biggest port to a standstill, while exports likely fell for the first time in three months, a Reuters poll showed. Inbound shipments to the world’s second-largest …

China’s May imports to fall again, exports slip into red Read More »

SHANGHAI/SINGAPORE (Reuters) – Chinese quant hedge fund managers are rushing to explore ChatGPT-style tools, embracing the emerging AI technology that has sparked a global frenzy since the release of the widely popular Microsoft-backed OpenAI chatbot. Quants’ focus on advanced artificial intelligence to aid decision-making comes amid a tough investment environment, as China’s post-COVID recovery wanes …

Chinese quants redouble AI bets amid ChatGPT frenzy Read More »

By Ahmad Ghaddar, Alex Lawler and Maha El Dahan VIENNA (Reuters) -OPEC and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. OPEC+, …

OPEC+ begins meetings that may agree further output cuts – sources Read More »

SHANGHAI (Reuters) – A report on Saturday that the Chinese city of Wuhan was in talks with Walt Disney Co over a potential project was fake, Chinese official media said, citing the company. The central province of Hubei deleted a statement from its official account on the WeChat social media platform that had said the …

Report of Wuhan-Disney talks was fake, Chinese official media says Read More »